Economic Sector

Last updated: Wednesday, December 19, 2018

Jan-Sep Socioeconomic Performance: Three Bright Spots

Posted: Tuesday, October 10, 2017

GDP growth breakthrough, macroeconomic stability and the remarkable improvement of business and investment environment and national competitiveness were named three spots in socioeconomic development in the first nine months of 2017 announced at the September government press conference hosted by Minister and Chairman of Government Office Mai Tien Dung.

According to the Ministry of Planning and Investment, socioeconomic development in the third quarter and the nine months of 2017 saw positive progress, with the gross domestic product (GDP) growing 7.46 per cent in the third quarter and 6.41 per cent in nine months. This year’s nine-month growth was higher than the growth of 5.99 per cent in the same period of 2016. Importantly, the growth was driven by manufacturing and service rather than credit growth or mining. The agricultural, forestry and fishery sector expanded 2.78 per cent in the nine-month period ending September.

GDP growth improved while macroeconomic indicators remained stable. Inflation was low. Consumer price index (CPI) climbed 3.79 per cent year on year in nine months, lower than that in the average growth of 3.84 per cent in eight months. The average core inflation in nine months increased 1.45 per cent over the same period in 2016. Major balances were guaranteed. Foreign reserves reached US$44 billion.

In addition, for the first time, the Ministry of Industry and Trade reduced more than 675 business conditions in an effort to boost the business environment and economic competitiveness. Accordingly, in the latest update of the World Economic Forum (WEF) Global Competitiveness Report, Vietnam was ranked highest-ever, at 55th out of 137 countries, climbing five places this year and 20 places in the past five years.

Corporate start-ups were the highest since 2013. The country had 93,967 new businesses established with a combined registered capital of VND902.68 trillion in the first nine months of this year, up 15.4 per cent in entity and 43.5 per cent in value year on year.

Regarding the relocation of Hanoi Railway Station, Deputy Transport Minister Nguyen Ngoc Dong said that the Prime Minister requested concerned bodies to be careful with planning. According to new plan, Hanoi Railway Station will be transformed into a national traffic and urban hub, Dong added.